 February 22, 2012 Presenter: Anthony G. Petrello Deputy Chairman, President & Chief Executive Officer 4Q 2011 Earnings Presentation Exhibit 99.2 |
 Slide #2 Forward-Looking Statements We often discuss expectations regarding our markets, demand for our products and services, and our future performance in our annual and quarterly reports, press releases, and other written and oral statements. Such statements, including statements in this document incorporated by reference that relate to matters that are not historical facts are “forward-looking statements” within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These “forward-looking statements” are based on our analysis of currently available competitive, financial and economic data and our operating plans. They are inherently uncertain and investors must recognize that events and actual results could turn out to be significantly different from our expectations. You should consider the following key factors when evaluating these forward-looking statements: • fluctuations in worldwide prices and demand for natural gas and oil; • fluctuations in levels of natural gas and crude oil exploration and development activities; • fluctuations in the demand for our services; • the existence of competitors, technological changes and developments in the oilfield services industry; • the existence of operating risks inherent in the oilfield services industry; • the existence of regulatory and legislative uncertainties; • the possibility of changes in tax laws; • the possibility of political instability, war or acts of terrorism in any of the countries in which we do business; and • general economic conditions including the capital and credit markets. Our businesses depend, to a large degree, on the level of spending by oil and gas companies for exploration, development and production activities. Therefore, a sustained increase or decrease in the price of natural gas or oil, which could have a material impact on exploration and production activities, could also materially affect our financial position, results of operations and cash flows. The above description of risks and uncertainties is by no means all inclusive, but is designed to highlight what we believe are important factors to consider. |
 Refining Our Business > Enhance balance sheet flexibility > Review each Business Unit for: – Strategic fit – Execution effectiveness – Capital efficiency > Realign with Customers – Drilling & Rig Services – Completion & Production Services Slide #3 |
 Re-Establish Balance Sheet Flexibility Increased Focus on Balance Sheet Management and Net Debt Reduction Slide #4 Balance Sheet Data as of December 31, 2011 ($ Millions) Cash & Securities 540 Accounts Receivable 1,577 Working Capital 1,286 Property, Plant and Equipment, Net 8,630 Total Assets 12,912 Total Debt 4,624 Shareholders’ Equity 5,588 Net Debt to Total Capitalization 42% Net Debt to TTM EBITDA @ 12/31/2011 2.21x Diluted Average Shares Outstanding 292,484 Fitch, Moody’s and S&P BBB+, Baa2, BBB |
 Re-Establish Balance Sheet Flexibility Slide #5 Liquidity > Current liquidity approximately $1.0 billion > Expect 2012 OCF to fund all capital expenditures, redeem current debt and provide significant free cash flow Total debt > Weighted average coupon is 5.8% > Interest coverage ratio approximately 8 to 1 Term debt > 92% has maturity of 2018 or later > No financial covenants Revolving debt > Lines total $1.4 billion > Rate equals Libor plus 150 bps (currently 1.75%) > Net debt/cap covenant less than 60% Nonetheless flexibility less than historical levels |
 Business Line & Asset Class Evaluation Criteria > Leadership position > Attractive investment returns > Capable of growth or otherwise strategic Slide #6 |
 Our Business Lines: An Overview Operating Segments by Line of Business Drilling and Rig Services – US Lower 48 – GOM Offshore – Canada – Ryan – Alaska – Peak – International – Canrig Completion and Production Services – US Workover and Well Servicing – US Fluids Management and Logistics – Canada Workover and Well Servicing – US and Canada Pressure Pumping Other – Oil and Gas Slide #7 |
 Assets Strategically Positioned in Major US Unconventional Plays Slide #8 Shale Plays & Basin Working Drilling Rigs Frac Crews CTU Well Svc Rigs Fluid Svc Trucks Frac Tanks Marcellus 14 4 3 27 155 720 Haynesville 32 1 - 9 43 186 Bakken/Rockies 76 11 3 84 26 323 Eagle Ford 43 4 4 33 126 588 Permian 26 3 - 92 274 1017 Barnett 3 1 - 30 95 185 Granite Wash 11 1 - 46 125 608 Other 42 - 2 227 77 100 Total 247 25 12 548 921 3727 Note: Includes 2012 scheduled new equipment deployments |
 Nabors Global AC Rig Fleet New build rigs for US lower 48 land are only part of the Nabors story Slide #9 12/31/11 To Be Delivered Total Alaska Drilling 3 0 3 US Lower 48 Land Drilling 119 25 144 Canada Drilling 24 (1) 2 26 International Drilling 34 2 36 US Offshore Drilling 4 2 6 Total NBR 184 31 215 (1) Includes 10 AC Hybrid Coiled Tubing rigs |
 Our Business Lines: An Overview Accelerating Operating Cash Flow 4Q Consolidated Run Rate exceeds Prior High and Increasing Slide #10 GAAP FY 2008 FY 2011 4Q11 Annualized US Lower 48 $839 $703 $826 US Well Servicing 214 153 180 US Offshore 102 38 53 Alaska 74 63 49 Canada 128 171 214 International 580 397 382 Pressure Pumping 0 331 410 Oil & Gas 3 60 14 Other 95 90 97 Sub total $2,035 $2,006 $2,225 Corporate & Eliminations 163 155 175 Total $1,872 $1,851 $2,050 |
 Slide #11 Margins and Activities (1) Margin = gross margin per rig per day for the period. Gross margin is computed by subtracting direct costs from operating revenues for the period. 4Q11 3Q11 4Q10 Margin (1) Rig Yrs Margin (1) Rig Yrs Margin (1) Rig Yrs US Lower 48 $10,922 216.7 $10,176 201.8 $9,472 184.3 US Offshore 17,250 10.0 15,318 10.8 9,542 6.5 Alaska 29,489 5.0 26,111 4.7 43,745 6.0 Canada 12,061 45.2 10,320 41.8 9,233 39.3 International 11,065 113.2 11,992 105.3 16,392 102.1 Well Servicing Rev/Hr Rig Hrs Rev/Hr Rig Hrs Rev/Hr Rig Hrs US Lower 48 $511 202,816 $497 205,610 $457 169,318 Canada $808 52,712 $787 49,788 $719 49,740 |
 Slide #12 Quarterly Adjusted Income (Loss) Derived from Operating Activities ($000’s) 4Q11 3Q11 4Q10 US Lower 48 $130,114 $104,877 $85,308 Nabors Well Services 24,237 22,839 12,132 US Offshore 3,422 2,457 (5,142) Alaska 5,343 3,021 11,252 Canada 36,553 21,604 16,572 International 23,450 29,015 71,814 Pressure Pumping 76,470 65,052 54,664 |
 Drilling Rigs & Services Slide #13 |
 U.S. Lower 48 Land Drilling Term Contracts in Force at 12/31/11 Slide #14 (1) Represents the quarter end number of contracts in force with no incremental contract awards in the future. Quarter end number of rigs subject to term contracts (1) 4Q11 1Q12 2Q12 3Q12 4Q12 3Q 2011 144 124 104 86 69 4Q 2011 186 158 131 101 75 2011 Contract Signatures 1Q11 2Q11 3Q11 4Q11 Replaced Incremental 13 45 5 19 - 13 18 23 Total Signed 13 58 23 42 |
 Slide #15 Lower 48 Summary by Basin Basin Oil/Gas Working Rigs Approx. Market Share Marcellus Gas 13 6% Haynesville Gas 26 13% Bakken/Rockies Oil/Gas 71 20% Eagle Ford Oil 41 15% Permian Oil 28 8% Barnett Gas 3 Granite Wash Oil/Gas 18 5% Other Oil/Gas 21 N/A Total 221 |
 Drilling Rigs & Services US Lower 48 Land Drilling - Premium Fleet Makeup Slide #16 NDUSA Rig Fleet # of Rigs Util. AC Rigs @ 12/31/11 119 100% SCR Upgraded 65 85% SCR 44 50% Mechanical 41 68% Current Total 269 83% AC Rigs still to be deployed 25 100% Total 294 84% Expected % AC and AC Equivalent 71% |
 Slide #17 Canada Summary by Basin Basin Oil/Gas Working Rigs Term Contracts Approx. Market Share Horn River Gas 6 4.0 24.0% Montney Oil/Gas 8 0.0 19.0% Duvernay Oil 13 2.0 11.0% Oil Sands Oil 7 2.0 6.0% Cardium Oil 11 0.0 13.0% Saskatchewan Oil 2 0.0 2.0% Total 47 |
 Completion & Production Services Slide #18 |
 Pressure Pumping Assets by Basin Slide #19 4Q 2011 1Q 2012 EOY 2012 Pressure Pumping Coil Tubing Cementing Pressure Pumping Coil Tubing Cementing Pressure Pumping Coil Tubing Cementing Marcellus 3 - 30 4 2 30 4 3 31 Haynesville 1 - 3 1 - 3 1 - 3 Bakken/Rockies 9 - 6 10 2 6 11 3 10 Eagle Ford 4 3 3 4 3 3 4 4 8 Permian 3 - 1 3 - 1 3 - 4 Barnett 1 - - 1 - - 1 - - Granite Wash 1 - 5 1 - 5 1 - 6 Other Lower 48 - 2 16 - 2 16 - 2 16 Canada - - - - - - 2 - - Total 22 5 64 24 9 64 27 12 78 |
 Slide #20 Pressure Pumping Summary by Basin Basin Oil/Gas # of Crews LTSA Spot Approx. Market Position Marcellus Gas 4.0 2.0 2.0 T-4 th Haynesville Gas 1.0 0.0 1.0 T-4 th Bakken/Rockies Oil/Gas 11.0 8.0 3.0 2 nd Eagle Ford Oil/Gas 4.0 2.0 2.0 T-6 th Permian Oil 3.0 1.0 2.0 T-6 th Barnett Gas 1.0 1.0 0.0 T-5 th Granite Wash Oil 1.0 0.0 1.0 T-11 th Total 25.0 14.0 11.0 |
 Well Servicing Product Lines Slide #21 |
 Summary by Basin Slide #22 Basin Well Svc Rigs Fluid Svc Trucks Frac Tanks Bakken / Rockies 84 26 323 Granite Wash / Mississippian 46 125 608 Permian Basin 92 274 1017 Marcellus / Utica 27 155 720 Eagle Ford 33 126 588 Barnett / Haynesville 39 138 371 San Joachim / Long Beach 227 77 100 Total 548 921 3727 |
 Canrig: A Technology Success Story > Innovation – 200th ROCKIT TM system installed in 2011 – REVIT TM Stick-Slip system commercialized in 2011 – over 45 installations to date – Over 35% of services and rentals revenue in 2011 came from new products, technologies and services introduced the past three years – Successfully prototyped with a Major in 2011, remote integration within automatic driller – Received Innovation Award at 2011 OTC for Casing Running Tool > Investment – Acquired GE distributorship agreement for AC drive systems – exclusive in North America – Acquired license for world-class Managed Pressure Drilling technology > Patent Portfolio – Filed or acquired over 100 patents (including foreign patents of same IP) – Beginning to develop patent families, while still investing in new patents – Successful monetization of IP portfolio Slide #23 |